The Canadian Department of Finance Friday said Ottawa is running a $7.8-billion surplus for the first four months of the current fiscal year.

That puts the nation more than halfway toward the whopping $14.2-billion windfall recorded for the last fiscal year, the Can West News Service says.

A 25 percent surge in corporate tax revenue is seen as largely responsible for the four-month windfall, said the department's monthly publication, the Fiscal Monitor.

The latest positive budget numbers are likely to put further pressure on the Conservative government to introduce broad-based tax relief to individuals and corporations. The Canadian dollar recently reached parity with the U.S. dollars.  // Copyright 2007 by United Press International



Publication date: 02 October 2007   

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